Banque Misr Clarifies Position of UAE Branch Following U.S. Regulatory Action

Banque Misr has clarified the position of its branch in the United Arab Emirates following an announcement by the U.S. Department of the Treasury regarding a proposed regulatory action that would restrict U.S. dollar correspondent banking services provided by U.S. financial institutions to the bank’s UAE branch.

Banque Misr affirmed its full respect for all relevant legal and regulatory frameworks, as well as its commitment to applicable laws, regulations, instructions and supervisory requirements. The bank also emphasized its full and constructive cooperation with the relevant authorities.

The bank explained that, in accordance with the applicable regulatory process, the measure announced by the U.S. Department of the Treasury is a Notice of Proposed Rulemaking (NPRM) and is therefore subject to a formal period for receiving and reviewing public comments before any final rule is issued.

Banque Misr said it is treating the NPRM, along with the information and assessments contained therein, with the utmost seriousness and attention and is conducting a thorough review of its contents.

The bank added that it will engage with the U.S. Department of the Treasury to obtain further information and maintain ongoing cooperation, with a view to taking the necessary legal and regulatory measures and submitting its response to the relevant authorities within the specified timeframe.

Regulatory Action Limited to UAE Branch

Banque Misr stressed that, according to the U.S. Treasury announcement, the proposed regulatory action is limited to Banque Misr’s branch in the United Arab Emirates and does not extend to the bank’s operations in the Arab Republic of Egypt or any other country where it maintains a presence.

UAE Branch Continues Serving Customers

The bank confirmed that its UAE branch continues to provide banking services to customers in accordance with applicable rules and procedures.

Banque Misr also reaffirmed the strength and soundness of its financial position, stressing that its UAE branch remains fully committed to meeting all obligations toward its customers and other relevant stakeholders.